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Latvia
Latvia
HistorySaid – pattern
Latvia matched the Export Boom Cycle pattern in 2017. 3 pattern matches detected historically. View →
HistorySaid – ranking
Latvia ranks 93rd globally by GDP ($43.7B in 2024). View →
HistorySaid – inflation
Inflation in Latvia fell from 8.9% (2023) to 1.3% (2024) – a 7.7pp shift. View →
HistorySaid – population
Latvia has a population of 1.9 million as of 2024 (growth: -0.93%). View →
Economy & Growth
GDP $43.7B
GDP per Capita $23,409
GDP Growth -0.05%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture Value Added | 5.11% | 3.93% | 4.04% | 4.17% Trend | 4.14% Trend | 4.10% Trend | – | – | – |
| GDP | $38.0B | $42.8B | $43.7B | $47.9B IMF WEO Oct 2025 | $52.2B IMF WEO Oct 2025 | $55.1B IMF WEO Oct 2025 | $57.9B IMF WEO Oct 2025 | $60.7B IMF WEO Oct 2025 | $63.7B IMF WEO Oct 2025 |
| GDP Deflator | 9.69% | 10.67% | 2.06% | 7.63% Trend | 8.30% Trend | 8.97% Trend | – | – | – |
| GDP Growth | 1.91% | -0.94% | -0.05% | 1.03% IMF WEO Oct 2025 | 2.16% IMF WEO Oct 2025 | 2.35% IMF WEO Oct 2025 | 2.36% IMF WEO Oct 2025 | 2.42% IMF WEO Oct 2025 | 2.43% IMF WEO Oct 2025 |
| GDP PPP | $76.2B | $80.2B | $81.0B | $82.4B IMF WEO Oct 2025 | $85.7B IMF WEO Oct 2025 | $89.2B IMF WEO Oct 2025 | $92.8B IMF WEO Oct 2025 | $96.7B IMF WEO Oct 2025 | $100.9B IMF WEO Oct 2025 |
| GDP per Capita | $20,221 | $22,710 | $23,409 | $25,630 IMF WEO Oct 2025 | $28,024 IMF WEO Oct 2025 | $29,620 IMF WEO Oct 2025 | $31,159 IMF WEO Oct 2025 | $32,765 IMF WEO Oct 2025 | $34,421 IMF WEO Oct 2025 |
| GDP per Capita PPP | $40,559 | $42,576 | $43,394 | $44,106 IMF WEO Oct 2025 | $45,962 IMF WEO Oct 2025 | $47,929 IMF WEO Oct 2025 | $49,956 IMF WEO Oct 2025 | $52,167 IMF WEO Oct 2025 | $54,546 IMF WEO Oct 2025 |
| GNI | $37.3B | $41.8B | $42.8B | $45.5B Trend | $47.8B Trend | $50.1B Trend | – | – | – |
| GNI per Capita | $20,630 | $21,000 | $21,630 | $23,059 Trend | $24,084 Trend | $25,109 Trend | – | – | – |
| Gross Savings | 19.18% | 20.87% | 19.33% | 19.23% IMF WEO Oct 2025 | 19.11% IMF WEO Oct 2025 | 19.04% IMF WEO Oct 2025 | 18.95% IMF WEO Oct 2025 | 19.14% IMF WEO Oct 2025 | 19.48% IMF WEO Oct 2025 |
| Industry Value Added | 20.58% | 20.13% | 18.49% | 18.73% Trend | 18.27% Trend | 17.81% Trend | – | – | – |
| Services Value Added | 61.65% | 63.86% | 64.60% | 64.82% Trend | 65.49% Trend | 66.16% Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Prices & Inflation
Inflation Rate 1.27%
Consumer Price Index 156.52
PPP Conversion Factor 0.50
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Consumer Price Index | 141.89 | 154.57 | 156.52 | 171.94 Trend | 183.18 Trend | 194.43 Trend | – | – | – |
| Inflation Rate | 17.31% | 8.94% | 1.27% | 3.76% IMF WEO Oct 2025 | 2.60% IMF WEO Oct 2025 | 2.81% IMF WEO Oct 2025 | 2.24% IMF WEO Oct 2025 | 2.17% IMF WEO Oct 2025 | 2.15% IMF WEO Oct 2025 |
| PPP Conversion Factor | 0.47 | 0.49 | 0.50 | 0.50 Trend | 0.51 Trend | 0.52 Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Population
Population 1.9M
Population Growth -0.94%
Population Density 30.3
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 |
|---|---|---|---|---|---|---|---|
| Birth Rate | 7.7 | – | – | 6.9 Trend | 6.4 Trend | – | – |
| Death Rate | 14.9 | – | – | 16.7 Trend | 16.9 Trend | – | – |
| Dependency Ratio | 58.79 | 59.11 | – | 59.40 Trend | 59.68 Trend | 59.97 Trend | – |
| Fertility Rate | 1.36 | – | – | 1.28 Trend | 1.22 Trend | – | – |
| Life Expectancy | 75.7 | – | – | 74.6 Trend | 74.5 Trend | – | – |
| Net Migration | 7,966 | -2,225 | -7,330 | – | -7,474 Trend | -11,309 Trend | -15,144 Trend |
| Population | 1.9M | 1.9M | – | 1.9M Trend | 1.9M Trend | 1.8M Trend | – |
| Population Density | 30.3 | – | – | 29.9 Trend | 29.8 Trend | – | – |
| Population Growth | 0.23% | -0.94% | – | -0.32% Trend | -0.26% Trend | -0.20% Trend | – |
| Refugee Population | – | – | – | – | – | – | – |
| Urban Population | 68.36% | 68.48% | – | 68.55% Trend | 68.64% Trend | 68.73% Trend | – |
Italic values are IMF World Economic Outlook projections.
Employment
Unemployment Rate 6.57%
Youth Unemployment 12.95%
Labor Force Participation 60.52%
▾
| Indicator | 2023 | 2024 | 2025 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Agriculture Employment | 5.84% | 6.92% | 6.66% | – | 7.08% Trend | 7.36% Trend | 7.63% Trend | – | – |
| Female Labor Participation | 55.44% | 55.52% | 55.25% | – | 55.85% Trend | 56.08% Trend | 56.32% Trend | – | – |
| Industry Employment | 23.32% | 21.98% | 21.84% | – | 21.11% Trend | 20.49% Trend | 19.87% Trend | – | – |
| Labor Force Participation | 60.99% | 60.84% | 60.52% | – | 60.91% Trend | 60.99% Trend | 61.06% Trend | – | – |
| Services Employment | 70.84% | 71.10% | 71.50% | – | 71.81% Trend | 72.16% Trend | 72.50% Trend | – | – |
| Unemployment Rate | 6.47% | 6.90% | 6.57% | 6.70% IMF WEO Oct 2025 | 6.61% IMF WEO Oct 2025 | 6.57% IMF WEO Oct 2025 | 6.53% IMF WEO Oct 2025 | 6.49% IMF WEO Oct 2025 | 6.40% IMF WEO Oct 2025 |
| Youth Unemployment | 12.32% | 13.61% | 12.95% | – | 12.19% Trend | 11.66% Trend | 11.13% Trend | – | – |
Italic values are IMF World Economic Outlook projections.
Government
Tax Revenue 16.63%
Government Spending 34.20%
Military Spending 3.26%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Budget Deficit | -3.94% | -3.38% | -1.82% | -3.46% IMF WEO Oct 2025 | -3.01% IMF WEO Oct 2025 | -4.19% IMF WEO Oct 2025 | -3.89% IMF WEO Oct 2025 | -4.18% IMF WEO Oct 2025 | -4.32% IMF WEO Oct 2025 |
| Education Spending | – | – | – | – | – | – | – | – | – |
| Government Debt to GDP | 44.43% | 44.65% | 46.76% | 47.13% IMF WEO Oct 2025 | 47.44% IMF WEO Oct 2025 | 48.97% IMF WEO Oct 2025 | 50.39% IMF WEO Oct 2025 | 51.94% IMF WEO Oct 2025 | 53.52% IMF WEO Oct 2025 |
| Government Revenue | 39.60% | 39.69% | 42.64% | 40.84% IMF WEO Oct 2025 | 41.03% IMF WEO Oct 2025 | 40.65% IMF WEO Oct 2025 | 40.74% IMF WEO Oct 2025 | 40.73% IMF WEO Oct 2025 | 40.70% IMF WEO Oct 2025 |
| Government Spending | 36.35% | 34.20% | – | 37.41% Trend | 37.91% Trend | – | – | – | – |
| Health Spending | 8.10% | 7.28% | – | 8.40% Trend | 8.55% Trend | – | – | – | – |
| Military Spending | 2.25% | 2.97% | 3.26% | 3.44% Trend | 3.72% Trend | 4.01% Trend | – | – | – |
| Tax Revenue | 17.15% | 16.63% | – | 17.24% Trend | 17.41% Trend | – | – | – | – |
Italic values are IMF World Economic Outlook projections.
Debt
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Debt Service | – | – | – | – | – |
| Domestic Credit | – | – | – | – | – |
| External Debt | – | – | – | – | – |
| External Debt to GNI | – | – | – | – | – |
| Interest Payments to Revenue | 1.58% | 1.46% | 1.86% | 1.34% Trend | 1.22% Trend |
| Short-term Debt | – | – | – | – | – |
Italic values are IMF World Economic Outlook projections.
Money
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| Credit to GDP | 31.00% | 28.56% | 29.54% | 26.98% Trend | 25.55% Trend | 24.12% Trend |
| Deposit Rate | – | – | – | – | – | – |
| Lending Rate | – | – | – | – | – | – |
| M2 Money Supply Growth | – | – | – | – | – | – |
| Non-Performing Loans | 2.29% | 2.41% | – | 0.66% Trend | 0.06% Trend | – |
| Real Interest Rate | – | – | – | – | – | – |
Italic values are IMF World Economic Outlook projections.
Currency
Exchange Rate 0.92
Real Effective Exchange Rate 108.88
Foreign Reserves $5.1B
▾
| Indicator | 2024 | 2025 | 2026 | 2025 | 2026 | 2027 | 2028 | 2029 |
|---|---|---|---|---|---|---|---|---|
| Exchange Rate | 0.92 | – | – | 0.96 Trend | 0.97 Trend | 0.99 Trend | – | – |
| Foreign Reserves | $5.1B | – | – | $4.8B Trend | $4.7B Trend | $4.7B Trend | – | – |
| Real Effective Exchange Rate | 115.81 | 109.01 | 108.88 | – | – | 109.35 Trend | 108.48 Trend | 107.62 Trend |
| Reserves in Months of Imports | 1.8 | – | – | 1.3 Trend | 1.0 Trend | 0.8 Trend | – | – |
Italic values are IMF World Economic Outlook projections.
Trade
Exports $28.5B
Imports $29.2B
Trade Balance $-696.4M
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|---|---|---|
| Current Account Balance | -5.48% | -3.89% | -1.57% | -2.12% IMF WEO Oct 2025 | -2.31% IMF WEO Oct 2025 | -2.43% IMF WEO Oct 2025 | -2.65% IMF WEO Oct 2025 | -2.63% IMF WEO Oct 2025 | -2.50% IMF WEO Oct 2025 |
| Exports | $29.4B | $28.3B | $28.5B | $31.9B Trend | $33.7B Trend | $35.5B Trend | – | – | – |
| FDI Inflows | 3.20% | 3.95% | 3.47% | 3.28% Trend | 2.83% Trend | 2.38% Trend | – | – | – |
| FDI Outflows | -0.44% | 2.38% | 0.59% | 0.64% Trend | 0.17% Trend | -0.29% Trend | – | – | – |
| Imports | $31.2B | $29.9B | $29.2B | $33.7B Trend | $35.8B Trend | $37.9B Trend | – | – | – |
| Remittances Received | $1.3B | $1.2B | $1.3B | $1.4B Trend | $1.4B Trend | $1.5B Trend | – | – | – |
| Tourism Receipts | – | – | – | – | – | – | – | – | – |
| Trade Balance | $-1.9B | $-1.6B | $-696.4M | $-1.8B Trend | $-2.1B Trend | $-2.3B Trend | – | – | – |
| Trade Openness | 159.89% | 135.64% | 132.26% | 142.38% Trend | 143.94% Trend | 145.50% Trend | – | – | – |
Italic values are IMF World Economic Outlook projections.
Financial Markets
Listed Companies 56
▾
| Indicator | 2001 | 2002 | 2003 |
|---|---|---|---|
| Interest Rate Spread | – | – | – |
| Listed Companies | 63 | 62 | 56 |
| Market Capitalization | – | – | – |
| Stock Turnover Ratio | – | – | – |
Italic values are IMF World Economic Outlook projections.
Political Stability
Political Stability 0.59
Government Effectiveness 0.70
Regulatory Quality 1.17
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Control of Corruption | 0.72 | 0.69 | 0.70 | 0.83 Trend | 0.88 Trend |
| Government Effectiveness | 0.83 | 0.69 | 0.70 | 0.47 Trend | 0.38 Trend |
| Political Stability | 0.67 | 0.49 | 0.59 | 0.67 Trend | 0.70 Trend |
| Regulatory Quality | 1.22 | 1.17 | 1.17 | 1.17 Trend | 1.17 Trend |
| Rule of Law | 0.95 | 0.92 | 1.04 | 1.01 Trend | 1.02 Trend |
| Voice and Accountability | 0.90 | 0.94 | 0.99 | 1.05 Trend | 1.08 Trend |
Italic values are IMF World Economic Outlook projections.
Health
Health Expenditure per Capita $1,645
Infant Mortality Rate 2.5
Maternal Mortality Ratio 19.00
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Health Expenditure per Capita | $1,898 | $1,642 | $1,645 | $2,038 Trend | $2,163 Trend |
| Hospital Beds | 5.16 | 5.02 | 4.95 | 4.69 Trend | 4.57 Trend |
| Infant Mortality Rate | 2.9 | 2.7 | 2.5 | 2.0 Trend | 1.8 Trend |
| Maternal Mortality Ratio | 42.00 | 29.00 | 19.00 | 27.40 Trend | 27.60 Trend |
| Physicians | 3.36 | 3.40 | – | 3.47 Trend | – |
Italic values are IMF World Economic Outlook projections.
Education
Literacy Rate 99.90%
Tertiary Enrollment 85.74%
Education Spending 4.32%
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Education Spending | 4.77% | 4.32% | – | 4.63% Trend | – |
| Literacy Rate | – | – | – | – | – |
| Primary Enrollment | 99.74% | 99.42% | 98.47% | 98.11% Trend | 97.76% Trend |
| Tertiary Enrollment | 93.48% | 91.33% | 85.74% | 83.41% Trend | 81.27% Trend |
Italic values are IMF World Economic Outlook projections.
Energy
Renewable Energy 44.00%
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| CO2 Emissions | – | – | – | – | – |
| CO2 per Capita | – | – | – | – | – |
| Electricity Access | 100.00% | 100.00% | 100.00% | 100.00% Trend | 100.00% Trend |
| Energy Use per Capita | 2,376 | 2,256 | 2,240 | 2,213 Trend | 2,193 Trend |
| Forest Area | 54.87% | 54.93% | 55.00% | 55.12% Trend | 55.18% Trend |
| Renewable Energy | 44.00% | – | – | – | – |
Italic values are IMF World Economic Outlook projections.
Technology
Internet Users 92.71%
Mobile Subscriptions 119.91
R&D Spending 0.76%
▾
| Indicator | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 |
|---|---|---|---|---|---|---|
| High-tech Exports | 17.55% | 18.55% | 17.49% | 17.07% Trend | 16.72% Trend | 16.37% Trend |
| Internet Users | 91.03% | 92.19% | 92.71% | 93.79% Trend | 94.65% Trend | 95.51% Trend |
| Mobile Subscriptions | 115.20 | 119.91 | – | 125.45 Trend | 128.51 Trend | – |
| Patent Applications | – | – | – | – | – | – |
| R&D Spending | 0.76% | – | – | 0.88% Trend | – | – |
Italic values are IMF World Economic Outlook projections.
Inequality
Gini Index 34.0
Poverty Rate 0.40%
Income Share Top 10% 26.20%
▾
| Indicator | 2021 | 2022 | 2023 | 2025 | 2026 |
|---|---|---|---|---|---|
| Gini Index | 34.3 | 33.7 | 34.0 | 33.2 Trend | 32.9 Trend |
| Income Share Bottom 10% | 2.60% | 2.60% | 2.60% | 2.62% Trend | 2.63% Trend |
| Income Share Top 10% | 26.20% | 25.80% | 26.20% | 25.46% Trend | 25.21% Trend |
| Poverty Rate | 0.50% | 0.40% | 0.40% | 0.46% Trend | 0.47% Trend |
Italic values are IMF World Economic Outlook projections.